For successful businesses, a data-driven supply chain not only means gathering a mountain of information but also achieving a 365-degree view of it.
And with the level of precision and detail available through data collection sources such as IoT devices, those views can be incredibly detailed and rewarding.
In this article, we will discuss what today's data-driven supply chain entails, as well as the benefits of a data-driven supply chain strategy for thriving in the Big Data business world.
A 'data-driven supply chain' is supply chain quality management based on the collection and analysis of product information from every important point of production.
Data such as quality control (QC) inspection results, manufacturing speed, and even delivery efficiency can all be gathered at their corresponding production points. Then, with the help of machine-based analytics, these large chunks of data can provide companies with a clear picture of their supply chain's current performance.
Here is where companies can pinpoint specific areas along their supply chain that are in need of quality, compliance, and efficiency improvement.
Additionally, predictions about future growth potential and trends in product demand can be determined, for instance, through subtle changes in inventory movement over time.
Finally, a data-driven supply chain management system can also help companies determine the 'cost of quality,' meaning the increased cost of reworking or rebuilding products based on quality and compliance failures discovered, either internally by QC inspectors, or worse, externally by customers or regulators.
When successfully implemented, a data-driven supply chain management system allows managers and operators at every level of production to work together, proactively and with confidence, to address all manner of sourcing, manufacturing, and delivery problems.
A confident and proactive supply chain, backed by powerful data-driven analysis, is your company's best bet for increasing sales, boosting profit margins, and garnering customer retention and brand loyalty.
How has technology responded to the demand for versatile forms of collection to feed data-driven supply chains?
Over the past decade, successful companies have proven that applying Big Data collection and analysis to their marketing and sales strategies truly works.
Therefore, it is no surprise that the same methods are increasingly being applied to supply chain management.
Implementing a data-driven strategy to production is the most important first step to greater supply chain visibility. And with visibility comes the ability to:
Of course, all successful strategies must be able to unify everybody in the process. In this case, cloud-based data sharing and communication platforms are now available to help multi-tiered companies collaborate and turn Big Data into their competitive advantage.
Since many moving parts make up a modern supply chain, informed, proactive measures may be the only viable way to compete in our globalized, e-commerce landscape.
That is why QIMAone has applied over 15 years of testing, inspection, and certification (TIC) service experience to the creation of an end-to-end quality and compliance software for proactive supply chain management.
Our aim is to help you gain transformative insight into the performance of your suppliers, manufacturers, warehouses, and shipping operations, so you can clearly navigate your course to prosperity.
We provide tools for complete supply chain mapping--and the loads of data collected from farms, factories, and warehouses, as well as en route, are automatically organized by location and processed through your specifically-designed analytic programs.
Additionally, QIMAone software makes communication and collaboration between managers and in-house inspectors intuitive and rewarding.
Intuitive because customizable workflows and automated inspection assignments allow managers to specify exactly the kind of testing they require, when they are needed, and by which inspector.
Rewarding because, when managers can monitor on-going inspections and communicate with hands-on inspectors, they can make proactive decisions to help reduce the cost of reworking, as well as drive innovation.